tag:www.rockriverlaw.net,2013-03-21:/blog/790002018-12-04T17:33:55ZMovable Type Enterprisetag:www.rockriverlaw.net,2018:/blog//79000.35325732018-12-04T17:34:55Z2018-12-04T17:33:55Z
The holidays can be a tough time for parents and children in Illinois following a separation or divorce. Both may be feeling many different emotions, such as anger, loss, betrayal, sadness and fear. Parents must deal with these emotions in a way that does not impact on their children's holiday. The focus at this time needs to be on helping children adjust to the changes and still enjoy a happy holiday season.

This does not mean parents should ignore their emotions, but they may need to talk to a professional, such as a therapist or counselor, or friends and family about the situation. Parents might be tempted to try to keep the children away from the other parent if they are angry about the divorce, but this can be harmful for children. The aim should be to encourage the child to enjoy time with the other parent.

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Parents need to create a holiday plan and tell their children what the plan is. It reduces the anxiety for children at this time. Parents should not approach the holidays as a competition, and when children return from a visit to the other parent, parents should allow the kids to volunteer information instead of asking them questions. Parents should not be judgmental. They will need patience, but they and their children will adjust over time as traditions change.

The process of divorce can be as difficult as its aftermath, and parents should apply the same principles here as they do to holidays. It is important to put the needs of their children first and help them get through the process. This means allowing the child to spend time with the other parent and making a child custody plan that reflects that unless there are reasons, such as abuse or neglect, that the child will be in danger with the other parent.

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tag:www.rockriverlaw.net,2018:/blog//79000.35226352018-11-28T17:38:41Z2018-11-28T17:37:42Z
Small business owners in Illinois and elsewhere in the United States are typically on the lookout for capital. Working with an angel investor may be an ideal way to get the money they need without having to turn to venture capitalists. This type of investor may be a friend or family member who has sufficient money to back a new venture. In some cases, angels work in groups as opposed to on an individual basis.

The typical angel investor is between the ages of 40 and 60, and this person likely has experience as an entrepreneur or experience running a company in general. The SEC says that an angel investor is someone who has a net worth of at least $1 million and makes at least $200,000 a year. Those who are married must make $300,000 per year. The rule is put in place to ensure that individuals don't put money that they can't afford to lose into a potentially risky venture.

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Angel investors generally expect that an investment deal will last for five years. They also understand that they may not see a return on their money for as many as seven years. In some cases, they may work as advisers for the company or take a more direct role in its operations.

Companies that are looking to partner with an angel investor may want to have any agreement looked over by an attorney to help ensure that it has sufficient regulatory compliance and that its terms are in the company's best interest. In most cases, angel investors will ask for an equity stake in the company. An attorney may look to ensure that the stake is reasonable and that it allows an organization to acquire more capital in the future at a proper valuation.

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tag:www.rockriverlaw.net,2018:/blog//79000.35185562018-11-27T16:21:35Z2018-11-27T16:20:35Z
Making the decision to write a will was a courageous move. After all, writing a will meant you had to take the time to consider your own mortality and dwell for a time on how life will go on after you are gone. It was likely difficult, and that is one reason why so many people postpone the task until it is too late.

However, your family will likely be grateful for your efforts since your will may save them many questions and frustrations after you pass away. Unfortunately, your work is not over. As difficult as it may have been to draft your will in the first place, it is important that you revisit it from time to time to ensure it is still relevant. Failing to update your will at key moments in your life may leave your family with a useless document.

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Reasons to revise your will

Life changes quickly, and as the year draws to an end, you may be surprised to look back and see the ways your life has taken new turns. Some of them may be cause for rejoicing and others for pain. Nevertheless, many life events may render your will obsolete, for example:

Getting married: Marriage may change the ownership of some of your most valuable assets, such as your home, especially if your spouse now has survivor rights.

Having children: Not only do you want to assign assets to your children appropriately, but you will also want to include details about their guardianship if you should die while they are still young.

Getting divorced: You certainly do not want your possessions to end up in the hands of a former spouse because you neglected to change your beneficiary designations in your will. This will be especially important if you have remarried or intend to remarry.

Losing a loved one: If one of your beneficiaries passes away, the assets you have assigned to him or her in your will may end up as a source of conflict for the remaining heirs.

Changes in your wealth: If you have sold or purchased a business, real estate or assets outside the state of Illinois, or if you have made changes in your investments, your will should reflect these changes.

Other events may evoke a revision of your will, such as new tax laws or a different way of thinking about your wealth. Perhaps as your children grow, you decide to leave more of your money to a charity, or you may wish to add your grandchildren to your estate plan. Frequent reviews of your will can keep it relevant and allow you to add other estate planning tools as appropriate.

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tag:www.rockriverlaw.net,2018:/blog//79000.34986332018-11-05T17:24:23Z2018-11-05T17:23:23Z
People in Illinois who are getting a divorce should make sure they avoid common financial errors. For example, it is important to take taxes into account when dividing some assets. A document called a qualified domestic relations order is necessary when dividing a 401(k), and a distribution must then be rolled into an IRA. This prevents taxes and penalties. People should also be aware that if they sell some assets to pay bills, there could be taxes on the sale.

However, there will no longer be taxes on alimony for people who receive it, and alimony will not be tax-deductible for people who pay it in divorces that are finalized starting in 2019. This could result in less money for both people. People who expect to pay alimony should not quit their job in order to avoid it as this will only lead to more financial problems over time.

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Another action that can cause financial problems is going on a spending spree for emotional reasons. This may feel good in the short term, but there will be bills to pay later. Making a financial plan can help people better prepare for the divorce and the time after the divorce. It might also help them avoid mistakes such as keeping the home without enough money to pay for a costly mortgage.

Divorce can be difficult, and if people are not careful about how property is divided, they may find themselves struggling financially after the divorce. Therefore, it is important to understand the marital finances and have a plan. For example, before going into divorce negotiations, people might want to think what points they are willing to concede and which ones they will not compromise on. An attorney may be able to help a person prioritize and negotiate effectively. Negotiation may be preferable to litigation.

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tag:www.rockriverlaw.net,2018:/blog//79000.34860572018-10-23T23:54:11Z2018-10-23T23:53:11Z
For Illinois businesses that want to grow, mergers and acquisitions are a strong possibility. In the first half of 2018, worldwide transactions were on the rise. Compared with the same period one year before, the value of business acquisitions rose to $2.5 trillion, a 64 percent increase. There are a number of reasons why companies may be more likely to pursue buying other businesses, including a positive economy, the availability of capital and the affordability of debt.

W many companies are looking to grow through mergers, their likelihood of success remains a long shot. In one report by management consultants at KPMG, the firm noted that only up to one-third of these transactions are successful in increasing value above what it would have been without the merger. Almost 70 percent of acquisitions, on the other hand, reduce shareholder value or are value-neutral. While the immediate transaction may close successfully, there are an array of issues that can confront businesses in the process of integrating two companies. One of the most important issues that is often overlooked in the process of planning for a merger is corporate culture.

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In many cases, corporate culture can define the ways in which workers relate to one another. A sudden change in corporate culture can lead employees to look for other jobs. While businesses always do in-depth studies of a target firm before proceeding to an acquisition, culture is often left out of the due diligence process.

By working with a business law attorney, a company thinking about mergers and acquisitions can help to ensure that their due diligence is complete and thorough. In addition, legal counsel can work throughout the process to negotiate terms and develop an advantageous agreement to complete the transaction.

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tag:www.rockriverlaw.net,2018:/blog//79000.34683152018-10-08T20:24:06Z2018-10-08T20:23:06Z
After being passed into law in December 2017, the Tax Cuts and Jobs Act eliminated a number of deductions and exemptions, raised the Alternative Minimum Tax limit and reduced federal rates of taxation. Furthermore, this tax reform will affect the way child support and alimony are treated for Illinois residents. The TCJA gets rid of both dependent and personal exemptions and raises the standard deductions.

A parent who is newly single may have more incentive to claim the Head of Household status under the TCJA. In order to claim Head of Household, the person must be unmarried, have a dependent living in the household greater than 50 percent of the time and be responsible for more than 50 percent of the expenses of the household. After a divorce, the parent who is the Head of Household can claim the Child Tax Credit of up to $2,000 per qualifying child.

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After Jan. 1, 2019, the TCJA mandates that alimony will neither be deductible by the payor nor taxable to the recipient. This represents the end of the long-established practice that gave couples who were divorcing the ability to transfer money from the higher earner to the lower earner, reducing the taxable income of the two parties together. Going forward, alimony will be a simple transfer of property with no special tax consequences. People who divorce prior to 2019 will still fall under the pre-TCJA rules unless their divorce agreements specify otherwise.

Someone who is going through a divorce in Illinois might want to speak with an attorney. A lawyer with experience in family law could provide advice regarding the taxation of alimony and child support or negotiate the terms of property division. If necessary, legal counsel can argue on behalf of the client during family court hearings.

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tag:www.rockriverlaw.net,2018:/blog//79000.34663592018-10-08T07:51:34Z2018-10-08T07:50:34Z
Investing in commercial real estate has the potential to be a rewarding and satisfying venture. Many in Illinois and beyond purchase commercial property as a second source of income, a retirement plan or even as the sole means of financial support. With the proper management, you can do well in this industry.

Unfortunately, everything changes, and even the face of retail is undergoing a vast transformation. If you own storefront property or other retail or office space, you may be concerned about the recent trends. More brick and mortar stores are closing, and shoppers are preferring to do their business online. You may wonder how you can keep your property lucrative in such a market.

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Remaining relevant in a digital world

It is true that commercial real estate is facing some challenges. Fewer people leave their homes to shop. In fact, one study shows that 96 percent of those polled do their shopping online, making retail space obsolete. Additionally, in this digital age, more employers can allow their staffs to work from home, so they no longer need large office spaces. How can you continue to make money on your commercial properties in the face of these obstacles?

For one thing, you may have to come to terms with the fact that you will not entice large retailers to rent from you, so you may have to cater to a smaller market. Some examples of ways you can make the most of your commercial real estate business include the following:

Purchase properties, such as strip malls, that have more than one purpose to avoid having all spaces empty at once.

Be willing to renovate your space to new purposes, such as pop-up shops, co-working spaces or storage.

Entice tenants who will provide maximum convenience for customers of existing businesses nearby.

Make your property into an experience that shoppers would be willing to leave their homes to visit.

Study and follow the trends so you can focus on attracting tenants who don't compete with online retailers, such as hair salons, restaurants, medical offices and spas.

Consider changing to multi-family housing or industrial properties, or investing in these along with your retail space to diversify.

These considerations may seem cumbersome when combined with the details you must already keep in mind, such as zoning, environmental issues and the legal matters involved in the purchase and sale of commercial space. However, you can seek guidance from a legal professional who knows the laws and can provide sound advice for your commercial real estate plans.

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tag:www.rockriverlaw.net,2018:/blog//79000.34476472018-09-24T19:25:02Z2018-09-24T19:24:02Z
Getting a divorce takes the number two spot on the Holmes-Rahe Stress Inventory. This tool measures how likely someone in Illinois or elsewhere will experience health problems related to stress within two years of an incident taking place. While divorce can be stressful for anyone, it may take an especially difficult toll on those who are 50 or older. Studying these issues can be important as the divorce rate for this age group has doubled since 1990.

Researchers from Bowling Green University point to several factors for the increase in divorce among older people. One of those factors is that people are living longer than they used to. As women increasingly enter the workforce, they are less reliant financially on their spouses. Those who have been divorced and remarried are 2.5 times more likely to get divorced again. Among the health issues most common among older adults who divorce is depression.

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A person who is depressed may be more likely to experience heart disease and Type 2 diabetes. Individuals may also experience higher blood pressure related to higher stress levels caused by ending a marriage. Other health problems after divorce may include fatigue, insomnia and mood swings. Those who lose interest in their favorite activities may become sedentary or start indulging in alcohol to make themselves feel better.

Hiring an attorney may be helpful for those engaged with a dispute with their spouse during divorce proceedings. A legal professional may also be answer questions about any part of the divorce process. This may help an individual build a stronger case that he or she should receive alimony or other forms of assistance as part of a divorce settlement. Legal assistance may be available whether a person chooses to dissolve a marriage through private talks, mediation or litigation.

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tag:www.rockriverlaw.net,2018:/blog//79000.34315972018-09-12T19:54:19Z2018-09-12T19:53:19Z
In Illinois and across the country, a growing number of older Americans is choosing to divorce. These statistics are part of a social trend that has been increasing over the decades, and the growth in baby boomer divorces is now being referred to as a "gray divorce revolution." Since 1990, the divorce rate for Americans aged 50 and older has doubled. At the same time, the divorce rate for people aged 65 and older has tripled. Divorce is more socially acceptable and familiar to people, but there is a number of specific factors that may affect a particular couple's decision to separate.

In general, family experience with divorce can correlate with an increased likelihood of a legal split. For example, the daughters of parents who divorced are 60 percent more likely to end their own marriages, and the sons of divorced parents are 35 percent more likely to do the same. In addition, people of any age who have divorced in the past are more likely to do it again. Therefore, people who are on their second or third marriages are 2.5 times more likely to divorce than those who are still involved in their first marriages.

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In addition, an older couple can face additional stresses that accompany life changes and transitions. When children move out of the home, or people leave work for retirement, long-standing incompatibilities and unhappiness can arise. Other circumstances, like adult children returning to the home, can also affect a marriage's longevity.

When older people decide to divorce, there are financial issues that can be very important to consider. Retirement funds are a significant asset at any age, but this is especially true for those close to or at retirement age. A family law attorney can assist someone with a range of legal issues, including property division and spousal support.

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tag:www.rockriverlaw.net,2018:/blog//79000.34137272018-08-28T20:24:20Z2018-08-28T20:23:20Z
Illinois residents who are struggling to pay their bills sometimes seek relief by pursuing debt forgiveness, but they often find the terms offered by credit card companies or debt collectors very difficult to meet. Lenders and collection agencies are primarily interested in recovering as much of the outstanding balance as possible, and any concessions they make are designed to provide either temporary relief only or secure the largest lump sum payment possible.

Credit card companies generally sell debts to collection agencies for a fraction of their original amounts when payments have not been received for several months. These collection agencies may then offer to forgive part of the debt in return for a lump sum payment. However, this forgiven debt will still appear on credit reports as a negative item and, in many cases, the IRS will treat the forgiven amount as income and expect taxes to be paid on it. This option also assumes that individuals who have been unable to pay their bills for prolonged periods are able to gather together the money needed to settle their debt.

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When only a few payments have been missed and the debt has not yet been sold, credit card companies may offer to lower payments for a year or so to allow debtors to address their underlying financial issues. This is usually done by waiving or reducing interest charges. However, that does not mean that the interest is forgotten. The uncharged interest will often still be calculated and added back once the forgiveness period is over, which means that borrowers will be required to pay interest on interest.

The alternatives to personal bankruptcy rarely tackle the causes of financial vulnerability and often help lenders more than they do borrowers. Attorneys could explain how filing a Chapter 7 or Chapter 13 petition offers those with unmanageable financial situations an escape from the debt trap and the opportunity for a fresh start.

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tag:www.rockriverlaw.net,2018:/blog//79000.33905882018-08-13T17:24:09Z2018-08-13T17:23:09Z
A recent study suggests that a worryingly high number of senior citizens in Illinois and around the country are struggling to cope with unmanageable financial situations, and spiraling medical debt is often to blame. Bankruptcy filings among Americans 75 years of age or older increased by 300 percent between 1991 and 2016 according to figures from the Consumer Bankruptcy Projects, and Chapter 7 or Chapter 13 petitions made by individuals between the ages of 65 and 74 more than doubled.

Americans of retirement age now account for one in seven personal bankruptcy filings. Experts say that this figure has grown by about 500 percent in less than 30 years as the baby boom generation began leaving the workforce in larger numbers. This is a concern for experts and lawmakers because almost one in four Americans will be of retirement age by 2050. The CBP report, which was based on a survey of 895 personal bankruptcy filers, was published by the Social Science Research Network in July 2018.

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The bankruptcy study also sheds light on the reasons why so many older Americans are struggling with debt. More than two-thirds of the respondents said that losing their jobs or having insufficient retirement savings had left them financially vulnerable, and 62 percent reported that soaring medical bills had prompted them to pursue debt relief. The researchers put this down to changing Social Security eligibility requirements and the ongoing shift from traditional pensions to 401(k) savings programs.

Many older Americans deal with harassment and abuse from debt collectors for years before exploring their debt relief options because bankruptcy is cloaked in myths and misconceptions. Attorneys with experience in this area may put these misunderstandings to rest, and they might also explain that the automatic stay issued in bankruptcy cases puts a halt to collection efforts and any legal action being taken in pursuit of a debt.

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tag:www.rockriverlaw.net,2018:/blog//79000.33802882018-08-06T20:51:34Z2018-08-06T20:50:34Z
As you considered your estate plan, you may have already had an idea of details you wanted to include in your will. After all, you may have believed that your will would act as the most important part of your plan. However, your estate plan can address many different aspects of your life, including events that could take place while you are still alive.

In particular, you can use your plan to address how you want your care handled if you suffer from an incapacitating event, and you can also use a power of attorney document to appoint someone to act on your behalf when it comes to your finances. Of course, this agent would have a considerable amount of power over your affairs, and you may worry about possible abuses.

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Potential for abuse

Unfortunately, not everyone chooses to act in the most upstanding manner when holding a position of power. Individuals who act as power of attorney agents typically have various amounts of control over the funds of a vulnerable person. As a result, an unscrupulous agent could choose to carry out unseemly actions for personal gain.

You certainly do not want to end up in such a situation yourself, but you may wonder what you could do about abuse, especially if it takes place when you are no longer competent. Fortunately, by planning ahead, you can take the time to thoroughly review your agent choices before making a decision.

Limiting abuse

Some actions that you could take to limit the possibility of your agent abusing his or her power include the following:

Choosing a trustworthy and responsible party

Choosing a financially literate individual

Considering specific terms of your document that may limit your agent's power

Requiring that your agent check in with a third party, like a sibling or financial professional

Including "springing power," or giving the agent the ability to act only after specific events have transpired

This list does not represent every action you could take to protect yourself and limit possible POA abuse. If you have additional concerns about creating a power of attorney document, you are not alone. Many individuals feel hesitant to give someone power over their affairs, but speaking with an attorney may help you better understand the benefits of this document and how you can make the terms suit your particular desires.

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tag:www.rockriverlaw.net,2018:/blog//79000.33721872018-07-30T23:04:29Z2018-07-30T23:03:29Z
When parents share legal and physical custody of their children after a divorce or separation, this is generally referred to as joint custody. As more Illinois families are composed of two working parents and their children, joint custody has become an increasingly popular solution. According to a joint custody plan, both parents should share the financial responsibility for raising their children as well as the physical effort of doing so. This may make parents wonder about the impact that joint custody could have on a child support order.

Child support payments are generally based on a state formula that takes several factors into account, including income and the number of children that each parent has. Traditionally, child support is a financial contribution by a non-custodial parent to the custodial parent who bears the majority of the physical and financial aspects of child-rearing. However, joint custody agreements do not necessarily mean that child support obligations are eliminated; the relationship between child support and joint custody varies depending on the individual family situation.

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Parents who share joint custody may have a court-ordered agreement to cover specific costs for the children, like school fees, medical bills or extracurricular costs. In some cases, without such an order, a situation of financial inequality could easily develop. At other times, parents may share joint legal custody, but one parent retains primary physical custody and a more traditional child support arrangement may be the most appropriate.

Parents who decide to divorce have many decisions to make related to child custody, child support and other key issues. A family law attorney may work with a divorcing spouse to advocate for a fair parenting plan that honors the parent-child relationship. A lawyer may help develop an agreement that formalizes child support and custody arrangements between the parents.

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tag:www.rockriverlaw.net,2018:/blog//79000.33522842018-07-16T17:54:14Z2018-07-16T17:53:14Z
Illinois residents who file for personal bankruptcy may be able to obtain actual and punitive damages if they are harmed by the purposeful violation of the automatic stay that is set in place when bankruptcy is filed. However, there is a question whether the actual damages they receive should include damages for emotional distress.

The courts have determined that the intent of the automatic stay in the bankruptcy process is to allow the debtors to have a period in which the collections efforts against them are ceased and to stop harassment. The stay is also meant to provide debtors relief from the financial stresses that brought them to bankruptcy.

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When Congress enacted the provisions of the bankruptcy code that pertained to the stay, it attempted to provide a form of protection for debtors from financial loss as well the psychological and emotional pressures that the violations of a stay can induce onto debtors. Based on the policy that forms the foundation of the stay, the harm that occurs to non-financial interests may meet the requirements for actual damages.

Four of the circuit courts have determined that emotional distress damages may be counted under purposeful violations of the automatic bankruptcy stay. When making their determination, the courts reevaluated the legislative background and found that financial loss and both the psychological and emotional consequences on debtors that resulted from the violation of the stay were the focus of Congress.

An attorney who practices bankruptcy law may advise clients with substantial debts how filing for personal bankruptcy might provide them debt relief. Clients with a steady stream of income may be advised how Chapter 13 bankruptcy can be used to make affordable payments on debts or whether they qualify for Chapter 7 bankruptcy.

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tag:www.rockriverlaw.net,2018:/blog//79000.33293722018-07-02T23:04:15Z2018-07-02T23:03:15Z
New business owners in Illinois often make some common mistakes. They might focus too much on trying to make everything perfect while failing to pay attention to driving sales. If they do not work to build and maintain their sales momentum, the businesses will likely fail.

Regardless of whether businesses sell services or products, they should work on generating sales every day. Businesses that haven't started producing the products that they will sell are still able to take deposits and place orders. Those that are selling services should work to book clients even if they aren't quite ready.

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To obtain investment funds, businesses will need to be able to show strong sales. Businesses that do not have strong sales to show are unlikely to receive funding. Businesses should begin working on generating sales and revenue from the very first day. They should continue to work on sales every day. Business owners who want to find investors should make certain to research what sales requirements the investors have for businesses in which they invest money. They should also have a sound idea of how much cash they need to keep their business operating from week to week.

A part of the business formation and planning process should include a strong plan for revenue generation. People who are preparing to begin new businesses might want to get help from experienced business law attorneys. The lawyers may assist their clients with the planning process and help them to choose the legal entity structures that might offer them the most protection. They might also advise their clients about potential legal pitfalls and caution them about making costly mistakes. Business law attorneys may also assist their clients in identifying potential investors that might be good funding sources for their new startup companies.